Swedish news service GT.se, related to Expressen, hit an internet jackpot last week with a story saying that Geely, Fiat and a German bank operating on behalf of GM themselves were the three companies in the running for Saab.
The story spread like wildfire around the web, despite several denials by Geely, despite Fiat not being in the 27 original interested parties, and despite common sense when it comes to the whole German-bank-acting-for-GM scenario.
If it got them heaps of attention and inward links once, it’s probably going to work a second time, too, right?
I hope not, but they’re definitely giving it a try.
Here’s the Googletrans:
Chinese carmaker Geely will ever closer to a purchase of Saab Automobile. Geely is involved in a new (stock) issue to get more than one billion dollars. The new shares will be used for “mergers and acquisitions”, as per a sales document.
Saab revealed in its application for an extension of the reconstruction period that there are three potential buyers. GT has previously revealed that it is Chinese Geely, Fiat, and a German commercial bank.
Now reveal the Bloomberg news agency that the privately-owned Geely Automobile Holding will sell a total of 570 million new shares. In addition, the company’s founder and chairman Li Shufu selling 230 one million shares of its own holdings.
In total, Geely will bring in more than one billion dollars. The money, according to the Chinese sales document used to finance the purchase of a parts factory in Australia and to “other mergers and other business”.
Geelys share price rose sharply last week after revealing Expressen on Saab purchase. Yesterday was listed shares to deg highest rate since July 13, 2007 and rates have risen 130 percent this year alone.
Mr Berggren, Your story might right in relation to Geely’s capital raising activities, but it’s wrong in that it relates it to Saab.
Geely are out of the game. They’ve said so and sources close to the action have said so to me as well.
Thanks the Per for the link!